TRECAP Partners has sold an apartment complex in San Clemente, California to Western National Group for $95 million.
According to a statement from the Philadelphia-based real estate investment firm, the property was acquired in 2006 by a TRECAP-managed fund for institutional investors. A spokesperson for TRECAP declined to disclose the name of the fund that purchased the asset or the price it paid.
Edward Oprindick, managing director at TRECAP, said in a statement: “With the current loan on the property expiring, we advised our clients to take advantage of the exceptionally high pricing for prime coastal California properties and sell into the buying wave.”
The 368-unit apartment complex, known as Seacrest Apartment Homes, was built in 1988. The property was extensively refurbished and renovated in 2009.
An affiliate of El Paso, Texas-based developer Hunt Companies, TRECAP has $3.4 billion in assets under management in the US and Europe.